History of inflation from the 1800's to the preset

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Woodsman

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Hi

Can anyone please tell me how to gauge the true comparative value of an asset from its price in the 1800s to today. As we now appear to have deflation and it has of course occurred in the past, presumably this must also be factored in.
I need the information to assess the true cost of food today compared to in the past. In 1847 a lamb ready for the butcher was worth app 25 shillings. This was a huge sum but how much in todays terms? The same lamb today will fetch app €75, a tiny fraction of the 1840s price.
My only information to date is that it apparently cost 50% of a labourers wage to feed his family a century ago.
Would really appreciate help on this.
 
Re: History of inflation

Have you tried the Central Statistics Office? They may not have the information but since they compile the inflation stats nowadays they should be able to point you in the right direction for historical rates. You'd probably need to get past the first person who answers the phone though. A proper statistics nerd is what you need...
Failing that, you could try to pick the brains of an academic who studies the Great Famine if that's the time period you're looking at. They would probably have come across that question and some can be helpful if you ask really nicely.
 
Re: History of inflation

Shane Whelan provides this inflation info in his book:
From Canals to Computers: The Friends First Guide to Long-Term Investment in Ireland.
The data tables are on his website:
http://www.iol.ie/~swhelan/
I used this data to compare rateable valuations over decade intervals in the 19th and 20th centuries.
 
Re: History of inflation

Using British data,25 shillings from 1840 would be worth about €120 in 2009
 
Re: History of inflation

Many thanks for the info everyone. If 25 shillings in 1847 is equal to €120 today then then the sheep in question has not altered dramatically in value down the centuries. I had thought 25 shillings would have employed a number of men in the mid 1800s but then the cost of labour is another issue. Its a tricky one. I seem to recall the financial times using the cost of a Mars bar to track inflation in the 20th century.
 
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